Gold price has started a fresh increase above $2,320 while crude oil is showing signs of recovery and might rise toward the $81.20 resistance zone.
Important Takeaways for Gold and Oil Price Analysis Today
Gold price has initiated a decent increase from the $2,300 zone against the US Dollar, displaying a positive trend in the market.
The breakthrough of a key descending channel with resistance at $2,315 on the hourly chart of gold at FXOpen is a positive indicator for potential further gains.
Similarly, crude oil is recovering losses and currently trading above the $78.55 support, suggesting a possible uptrend in the oil market.
The recent break above a connecting bearish trendline with resistance near $78.40 on the hourly chart of XTI/USD at FXOpen indicates a bullish momentum in the oil price.
Gold Price Technical Analysis
On the hourly chart of Gold at FXOpen, the price found support near the $2,275 zone, paving the way for a strong upward movement above $2,300.
Breaking the key descending channel resistance at $2,315, the bulls managed to push the price above $2,345 and the 50-hour simple moving average, indicating a strong bullish sentiment in the gold market.
The consolidation near the $2,355 zone with the RSI above 70 suggests a period of potential stabilization before further upward movement.
Additional Insight: The consolidation phase near the $2,355 zone could provide traders with an opportunity to assess market conditions and adjust their positions accordingly before the next potential price move.
Initial support levels are identified near $2,345 and $2,335, with major support at the $2,320 level and the 50-hour simple moving average if a downside correction occurs.
On the upside, immediate resistance is seen at $2,360 followed by a major resistance level at $2,372, which could propel Gold price towards $2,385 and potentially $2,400.
Oil Price Technical Analysis
Similarly, on the FXOpen hourly chart of WTI Crude Oil, the price found support near $76.70, leading to a recovery above $77.75 and the 50-hour simple moving average, signaling a bullish trend in the oil market.
The breakthrough above the connecting bearish trendline and the 50% Fib retracement level on the chart indicate further potential gains in the oil price.
The resistance near $79.50 and the 61.8% Fib retracement level might present a challenge for bulls, but a clear move above could propel the price towards the $81.20 resistance level.
Additional Insight: Traders should closely monitor the price action around the $79.50 resistance level for potential signals of further upward movement or a reversal in the oil market.
Immediate support levels are seen at $78.55 and $77.75, with a downside break potentially leading to a decline towards $76.70 and $75.00 support zone.
Overall, the technical analyses for both Gold and Oil prices suggest a bullish sentiment in the markets, with potential for further upward movements in the near term.
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This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
